Auto Insurance Quick Reference Guide

“Full coverage” is a term without any real meaning. Realistically, you cannot ask your agent for full coverage and truly know what it is you’re buying. Insurance coverage isn’t like a big umbrella. Instead, it’s like a series of small umbrellas. If you don’t have the right ones open…you might get soaked! Talk to your agent not only to get the full story, but also to get the exact coverage you want.

  • Liability – this coverage is the one that is required by Oklahoma state law.  You must carry liability insurance in the minimum amount of $25,000.00.
  • UM(uninsured/underinsusred motorist) – that is the coverage that pays for your personal injury if the other driver is at fault and either has no insurance or doesn’t have enough insurance.  The catch?  You can’t have more UM coverage than you have liability coverage.
  • Medical payments – this kind of policy pays for medical bills for you and your passengers, no matter which driver was at fault.

  • Comprehensive/Collision – if you’re not buying a vehicle outright, your bank probably requires you to buy these.  These policies often go hand in hand, and among other things, will pay for damage done to your car in an accident, or a hailstorm.

There’s much, much more to discuss.  To get the full picture, find an agent you can trust and sit down with him or her to spend some time figuring out what coverage you need for your particular situation.  

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Published May 8, 2020

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